Acadia (Maine) Portfolio


ACADIA (MAINE) PORTFOLIO

Steele’s Maine Portfolio consists of seven family and senior Project Based Section 8 properties: Fairfield Family Apartments (Fairfield, ME), Fort Halifax Commons (Winslow, ME), MC Smith Apartments (Farmington, ME), Pittsfield Gardens (Pittsfield, ME), Richmond Senior Citizens Park (Richmond, ME), Sherwood Apartments (Farmington, ME) and West-Front Residences (Skowhegan, ME); and one non-Section 8 (LIHTC), affordable family property: Green Acres Estates (West Bath, ME).

Renovations

The scope of renovation will vary by property and encompasses extensive exterior and interior work as well as substantial energy efficiency upgrades. Rehabilitation costs will be over $42,000 per unit in hard cost construction spread across the portfolio.  Interior upgrades include upgraded plumbing and electrical, paint, flooring and doors. Kitchens will be upgraded and bathrooms will receive new vanities, tub surrounds and fixtures. ADA conversions will also be completed at 12 units across the properties.  Two new community buildings with laundry facilities will be constructed for the project, one for the southern portion of the of the project and one for northern portion.  New playgrounds (for multi-family properties) also will be installed.

Financial Partners

MaineHousing, HUD and PNC Bank